LA’s $1.2 Billion ‘Graffiti Towers’ Cleared to Exit Bankruptcy
Bloomberg 2026-07-20 22:32:55
Context: The Oceanwide Plaza project, a $1.2 billion development in Los Angeles, has been cleared to exit bankruptcy and potentially be sold for completion. The complex, which has been abandoned for over seven years, was originally developed by a Chinese company that ran out of funds. The site has been vandalized with graffiti, earning it the nickname "Graffiti Towers."
Key Facts
- The Oceanwide Plaza project, valued at $1.2 billion, has been stuck in bankruptcy for more than seven years after its original Chinese developer faced financial difficulties.
- The abandoned complex in Los Angeles has been extensively vandalized with graffiti, leading to its popular nickname "Graffiti Towers" among locals.
- The project has been cleared for sale and possible completion, offering a potential new path forward for the long-stalled development.